2018 TAX rETURN ORGANIZERS

are available here

2018 Organizers

New tax law will affect most returns in 2018

Click below for a detailed summary of the new tax law. Here are the major changes that will affect the most people in 2018:

• There is no longer a personal exemption for individuals and dependents.

• The "Standard Deduction" has increased for Federal Returns: $12k single; $24k married - note that Arizona still has a standard deduction of $5k single and $10k married, so you might be better off taking the "Itemized Deduction" for your state return.

• A deduction for some itemized deductions has been completely repealed. This includes un-reimbursed employee work related expenses (dues, licenses, supplies, etc.), investment and accounting fees, moving expenses.

• Business income (from K1s and Schedule Cs) should qualify for a 20% "Qualified Business Income" deduction from taxable income. Note that the qualifying amount must be clearly identified on the K-1 from partnerships and s-corporations.

 

Please contact our office if you have questions on any of the 2018 changes.

Click here for a summary of the major changes

tax calendar

MONTHLY

15th - Payroll deposits due for monthly depositors

20th - Sales tax due

 

JANUARY

15th – Fourth estimated tax payment due

31st – Quarterly reports due for fourth quarter

 

MARCH

15th – Tax returns for Corporations and S-Corps due

 

APRIL

15th – Individual & Partnership tax returns due

15th – First estimated tax payment due

30th – Quarterly reports due for first quarter

 

JUNE

15th – Second estimated tax payment due

 

july

31st – Quarterly reports due for second quarter

 

SEPTEMBER

15th – Third estimated tax payment due

 

october

31st – Quarterly reports due for third quarter

Beware of "IRS" Email & Phone Scams

The IRS never initiates contact via email, so please beware of emails that indicate they are from the IRS. Click here to see an email sent to Wes Watson from the "IRS" that is a scam. If you receive an email that indicates it sent was by the IRS and you are concerned about its validity, please do not click on anything in or attached to the email and feel free to contact us.

 

Also, we are aware of people getting phone calls claiming to be from an agent of the IRS and requesting immediate action on the part of the taxpayer. Again, the IRS never conducts business this way. You should never give personal information to anyone who initiates contact with you.

Watson CPAs, PC

2680 S Val Vista Dr Ste 192

Gilbert, AZ 85295

 

phone: 480-491-7994

fax: 480-491-8179

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